Tags: Stock | market | buying | opportunities

WSJ: Money Managers Say Stock Market Correction Provides Buying Opportunities

By    |   Monday, 14 April 2014 01:33 PM

While some investors have turned nervous about stocks after recent declines, plenty of market participants see the moves as a chance to buy.

The Standard & Poor's 500 Index dropped 2.6 percent last week, its largest decrease since June 2012, and the Nasdaq Composite index has slid 7.4 percent since hitting a 13-year high March 6.

But the bargain hunters may already be stirring, with both the S&P 500 and the Nasdaq closing higher Monday. The Standard & Poor's 500 index gained 14.92 points, or 0.8 percent, to close at 1,830.61. The Nasdaq composite rose 22.96 points, or 0.6 percent, to 4,022.69.

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Some money managers say the market pullback is a positive development, as last year's torrid rally pushed up valuations, The Wall Street Journal reports. The S&P 500 soared 29.6 percent in 2013.

"You don't want a market to go just straight up to the sky," Lew Piantedosi, manager of Eaton Vance's Large-Cap Growth Fund, tells The Journal. "When you go straight up, there's not a lot of support on the way down."

Growth stocks have been hit hardest. "When the prices come down in areas like this, it makes it easier for us to find good ideas and places to invest," Paul Greene, portfolio manager of T. Rowe Price's Media & Telecommunications Fund, tells The Journal.

The market drew strength Monday from a strong March retail sales report and Citigroup's buoyant first-quarter earnings.

"When you have a market down so much over the past few weeks, people are getting a little bit worried," Brent Schutte, senior investment strategist at BMO Global Asset Management, tells Bloomberg.

"Any time you get incrementally better U.S. data and decent earnings, you have a backdrop to go higher."

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StreetTalk
While some investors have turned nervous about stocks after recent declines, plenty of market participants see the moves as a chance to buy.
Stock, market, buying, opportunities
326
2014-33-14
Monday, 14 April 2014 01:33 PM
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